Earnings summary: Everest, AXIS and Arch stock prices

For the three months ended September 30, net income available to Arch common shareholders was US$6.9 million, down sharply from US$388.8 million for the same period in 2021. Meanwhile, after-tax operating income available to Arch’s common stockholders declined from last year’s U.S. results. This time from $294.7 million to $106 million.

Underwriting losses increased in both the insurance and reinsurance segments in the third quarter of 2022. Only the mortgage segment received underwriting income. Overall, the group recorded his underwriting income of US$68.8 million. This represents a 60.4% decrease from a year ago.

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Loss-making AXIS reported a net loss of USD 17 million attributable to ordinary shareholders in the third quarter of 2022. In the same quarter last year, the company’s net income available to common shareholders reached his US$47 million. But operating income in the third quarter increased from $1 million to $3 million he.

The insurance segment saw underwriting income increase by 51.9%, while the reinsurance business recorded underwriting losses, which were lower than in the third quarter of 2021.

Everest

Loss-hit Everest said a brisk catastrophic quarter and volatile market conditions were behind the company’s US$319 million net loss. Everest’s net loss in the third quarter of 2021 was smaller at US$73 million. Meanwhile, his most recent net operating loss was $205 million, a significant loss from his $53 million loss last year.

In addition, the reinsurance division reported a pre-tax catastrophe loss of US$620 million, net of estimated recoveries and reinstatement premiums, primarily caused by Hurricane Ian.